US indices are volatile after the FOMC, falling over 0.5% in the first hour
after statement release before reverting toward unchanged heading into the
close. Basic materials names and gold miners are the clear laggards on the
stronger USD implications of the less dovish Fed, while Financials have
generally been bid.

Fixed-Income: US treasuries are sharply lower, particularly on the shorter end
and the belly of the curve, after the FOMC announced the conclusion of QE3 with
the final $15B taper. Accompanying positive comments on labor and household
spending also bode well for the eventual tightening, even though the statement
maintained "considerable time" language and the Fed funds futures are
still not tipping a rise to 0.50% until Q3-4 of 2015.

Energy: WTI Dec crude oil $82.16; Crude is up for the 2nd straight day after
two losing sessions, rising to near- $82.90 or a 1-week high. DOE crude inventory
build number was less than anticipated, which sent prices to their highs,
though subsequent USD rally after the Fed statement briefly crude back below
$82.

Metals:
- Spot Gold $1,209/oz; Gold is down over $15 amid a sharp bounce in the US
dollar after a slightly less dovish than expected FOMC statement. A low of
$1,208 in the first hour also marks a 3-week low.
- Spot Silver $17.07/oz; Silver tested 2-week lows around $17.03 in the
aftermath of the FOMC, down over 25c since the release.
- Dec Copper $3.08/lb; Copper traded up to 1-month high above $3.11 but fell
sharply along with the rest of the metals after FOMC-infused USD rally.